Let's say one accidentally pastes a many lines of some email into a bash window.
Yes bash tries to execute each line. Can't blame it. But now we are faced with cleaning the mess out of history. We use ^P^P^P^P^P^P^P... to finally get to the top of the mess. Then we must use ^K^N^K^N^K^N^K^N^K^N^K^N... to clean it up. However this leaves many blank lines in history! Also why can't we just hold down ^K^K^K^K^K^K^K^K^K ?